MarketRadar read: Mixed for RWA tokens; tokenization volumes set records while three of the five coins trade below their January prices.
$39 billion. That is the value of tokenized real-world assets now sitting on public blockchains, up from roughly $4 billion when 2025 began, according to RWA.xyz figures cited by Ondo Finance on November 5. Stablecoins are not counted.
Five project tokens sit on top of that trade: Chainlink and its data pipes, Stellar and the BENJI fund, Hedera and its new stock tokens, Ondo and its Treasury and stock products, and Sky and its Treasury-bill yield. Bitcoin is trading near its two-month low after the November 9 slide to $73,708, so the tokenization story is running against a weak tape rather than with it. The five coins below are ranked by market value at a CoinGecko snapshot around 12:45 UTC on November 11, and each one carries a dated 2026 event behind its place on the list.
How this list was built, in one line: rank the free-floating project tokens of the tokenization trade by market value and keep only coins with a dated, sourced 2026 reason. The tokenized products themselves are left out, since they track a dollar or an ounce of gold, led by Figure's $27.48 billion HELOC token. Quant is left out too, two days after leading our November 9 gainers list, because its core business is bank payment software.
Key points
- Chainlink leads the list at a $7.92 billion market value after Moody's ran a multi-chain credit-ratings test on its CCIP network on November 10.
- Stellar hosts about $4 billion in tokenized assets, per CoinTurk on October 30, and Franklin Templeton's BENJI fund passed $1.1 billion on Stellar after a $200 million inflow.
- Hedera put tokenized stocks in its wallets on November 2, when GrelfSwap listed 24 Robinhood-issued stock tokens payable in HBAR or USDC.
- Ondo became the largest tokenization platform on November 5, passing $4 billion in tokenized assets across 484 products, with 565,000-plus holders, per RWA.xyz.
- Sky's USDS passed $10 billion in September, and tokenized Treasury bills now fund over 60% of the protocol's income, with its savings rate at 3.80% since October 7.
- Three of the five trade below their January 1 prices: Hedera is down 37.9% on the year, Stellar 26.8% and Chainlink 15.3%, while Ondo and Sky are up about 2% each.
| Rank | Coin | Price | Market cap | 24h | 7d | Year to date |
|---|---|---|---|---|---|---|
| 1 | Chainlink (LINK) | $10.33 | $7.92B | -1.16% | -7.04% | -15.3% |
| 2 | Stellar (XLM) | $0.1473 | $5.21B | +1.23% | -9.96% | -26.8% |
| 3 | Hedera (HBAR) | $0.0661 | $2.93B | -0.60% | -6.99% | -37.9% |
| 4 | Ondo (ONDO) | $0.3671 | $1.79B | -0.58% | -9.15% | +2.1% |
| 5 | Sky (SKY) | $0.0593 | $1.39B | -1.40% | -10.38% | +2.7% |
1. Chainlink (LINK): the Moody's test put its pipes in front of Wall Street
Chainlink runs the oracle network that feeds prices into smart contracts, and its CCIP protocol moves tokens and messages between blockchains. November 10 gave it the week's sharpest institutional signal. Moody's Ratings finished a testnet pilot with Chainlink Labs that pushed credit-rating data across several blockchains at once through CCIP and Moody's Token Integration Engine, per TechReport. The test used sample data, published no live ratings onchain and gave no date, price or terms for a launch. Since January 2017, Moody's has rated or assessed 70-plus digital issuances, from digital bonds to tokenized funds.
Two more November dates sit behind the same story. ApeChain said on November 4 it will switch from LayerZero to CCIP for cross-chain transfers across the Yuga Labs ecosystem, with APE and USDC among the assets moving to Chainlink Cross-Chain Tokens, per eGamers.io. Aave said on November 2 its Horizon arm will value tokenized collateral with Chainlink's always-on feeds, including tokenized United States equities, when exchanges are closed. Charles Schwab has also started offering LINK to its crypto clients, per FXStreet.
LINK trades at $10.33, down 15.3% from $12.20 on January 1 and about 30% lower over five weeks, per FXStreet. LINK pays node operators for data and secures the network through staking, so its 2026 case rests on institutions paying for that plumbing.
2. Stellar (XLM): Franklin Templeton's fund money keeps arriving
Stellar is a payments blockchain built to issue and move tokenized assets. Its 2026 numbers come from the funds sitting on it. Tokenized assets on Stellar total about $4 billion, per CoinTurk on October 30. That is up from $3.5 billion in mid-October, and up 350% since early 2025. The BENJI fund from Franklin Templeton, a tokenized money-market product that started on Stellar in 2021, held about $605 million there as of October 6, then passed $1.1 billion after a $200 million inflow in early November.
Processing 50,000 fund transactions cost $75,000 through traditional transfer-agency systems and $1.13 on Stellar, a 99.9985% reduction, per the firm's own comparison reported by CoinTurk. The Depository Trust and Clearing Corporation has also started work alongside the Stellar Development Foundation, aiming to bring Treasuries, equities and ETFs onchain, with a rollout targeted for the first half of 2027.
XLM trades at $0.1473, down 26.8% from $0.2011 on January 1, even as the assets on its network set records. The coin pays network fees and bridges currencies inside Stellar payments, so its price tracks usage only loosely.
3. Hedera (HBAR): tokenized stocks reach its wallets
Hedera runs an enterprise hashgraph network, and HBAR pays for its services. November gave it a retail product it lacked. GrelfSwap, which aggregates swaps on Hedera, opened a Stocks page on November 2 where traders buy and sell 24 tokenized stocks and funds, including Apple, Tesla, Nvidia and Microsoft, paying in HBAR or USDC. Robinhood issues those stock tokens on its own network, and SODAX converts them into Hedera-native tokens backed one-for-one, per SODAX. United States persons cannot use the page.
HashPack, a Hedera wallet with more than 1 million users, added the same stock tokens through SODAX in a November 5 announcement, per Briefium.
HBAR trades at $0.0661, down 37.9% from $0.1064 on January 1, the deepest year-to-date fall on this list, and down 6.99% in seven days. Network fees are set in dollars and converted into HBAR at payment, which keeps costs predictable for businesses.
4. Ondo (ONDO): the biggest tokenization platform by assets
Ondo Finance puts tokenized Treasuries, stocks and ETFs onchain for investors outside the United States. November 5 made it the largest platform in the field. RWA.xyz ranks Ondo first of 203 platforms, with tokenized products past $4 billion, 484 assets and 565,000-plus holders, per the company's announcement. Its products hold about a tenth of tokenized value outside stablecoins. Ondo alone sits in the top two on Treasuries and on stocks.
USDY holds the top spot among tokenized Treasuries products, with two more Ondo products in the top 11 alongside it, worth more than $3 billion, close to a fifth of a $14.2 billion tokenized Treasuries market. Ondo Global Markets, its tokenized stocks arm, took the top issuer spot two days after launching in September 2025, and now lists more than 430 tokenized United States stocks and ETFs, worth over $900 million.
ONDO trades at $0.3671, up 2.1% from $0.3595 on January 1, one of only two coins on this list higher on the year. ONDO governs the protocol. Ondo's own terms warn that its stock tokens are not shares and carry no right to receive the underlying stock, a distinction that matters when tokenized equities are sold as stock exposure.
5. Sky (SKY): Treasury bills now fund most of its income
Sky is the protocol MakerDAO became in 2024, and it issues USDS, the successor to DAI. USDS supply passed $10 billion in late September, putting Sky's combined USDS and DAI float among the three biggest dollar stablecoin issuers, per DeFiStar. Tokenized Treasury bills now generate over 60% of the protocol's income, and Sky Agents have deployed more than $5.5 billion into institutional strategies, with BlackRock among the named partners.
Sky raised the Sky Savings Rate to 3.80% on October 7, up from 3.60%, paying holders who deposit USDS as sUSDS, redeemable at any time with no lock-up. Major exchanges ran a coordinated migration of DAI balances to USDS in April 2026. S&P gave Sky a B- grade in August 2025, flagging liquidity, governance and depositor concentration as the weak spots.
SKY trades at $0.0593, up 2.7% from $0.0577 on January 1, the second of two coins on this list higher on the year. The token governs the protocol, including the savings rate itself, which governance can change by vote. That makes SKY a claim on the rules of a Treasury-bill yield machine rather than on the yield.
What the five share
The five coins share three strands. The first is institutional plumbing: Moody's testing ratings on Chainlink, Franklin Templeton running BENJI on Stellar, Sky's agents deploying $5.5 billion with BlackRock among the named partners, and the DTCC planning a Stellar rollout all put tokenization inside regulated finance. Coinbase won a national trust charter for crypto custody on November 10. The second is yield: Treasury-bill income funds Ondo's USDY and Sky's 3.80% savings rate, and a December rate hike is fully priced as of November 11, per FXStreet and Deutsche Bank, with Reuters and CME FedWatch putting 91.9% on a 25-basis-point move, which keeps Treasury-bill yields near the levels that fund these products. The third is stocks onchain: Ondo lists more than 430 tokenized stocks and ETFs, Hedera added 24 more, and yet the pushback is real, with 56 of 62 firms objecting to the OKX-ICE tokenized-stock plan in our November 11 report.
Prices refuse to follow the story in a straight line. Three of the five trade below their January prices, all five fell 7% to 10.4% over seven days, and the Moody's pilot shipped nothing live: it ran on a testnet with sample data. Tokenized stock tokens are not shares, and a savings rate set by governance can fall when Treasury yields do.
